Bitcoin Cash price is consolidating and has been attempting to recover from the downtrend that hit the entire crypto market.
Yesterday, September 12, the price of Bitcoin Cash (BCH) was consolidating below the 12 and 26-day Exponential Moving Averages (EMAs). The bulls tested the $300 resistance level but were rejected and the price fell to the $296 level. Later, the market moved up to $297, where it is currently trading.
On the upside, if the bulls break above the resistance level, a rally to $360 is likely. A breakout of the EMAs can push the price towards the $400 and $480 price levels. On the downside, if the bears exert more pressure, the crypto’ price will decline to retest the levels of $290 or $280.
On the 1-hour chart, BCHUSD price is in a bearish trend below the 12 and 26-day EMAs. On September 10, the pair traded around the $306 price level. The market had earlier recovered from $270 in the last week of August. The $300 price level is now an overhead resistance level.
In the meantime, the price of BCHUSD is in the oversold region of the daily stochastic but above the 20% range. This indicates that price is in a bearish momentum and sell signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
